The National Company Law Appellate Tribunal (NCLAT) Wednesday approved the revised bid of Aditya Birla group firm UltratTech Cement for debt-ridden Binani Cement.
The National Company Law Appellate Tribunal (NCLAT) Wednesday approved the revised bid of Aditya Birla group firm UltratTech Cement for debt-ridden Binani Cement.
A two-member bench of NCLAT, headed by Chairman Justice S J Mukhopadhaya, approved UltraTech's resolution plan and said that plan submitted by the rival Dalmia Bharat group firm Rajputana Properties was 'discriminatory' against some financial creditors.
Earlier on July 2, the Supreme Court had transferred all matters related to corporate insolvency resolution process of Binani Cement to the appellate tribunal from the National Company Law Tribunal, Kolkata.
The apex court had directed NCLAT to hear the case on a day-to-day basis.
Rajputana Properties had moved the Supreme Court against a decision by the lenders of Binani Cement to consider the revised resolution plan submitted by UltraTech.
The committee of creditors had also asked Rajputana Properties to revise its offer of Rs 6,930 crore.
UltraTech Cement's revised offer was at Rs 7,900 crore, against its earlier bid of Rs 7,200 crore.
UltraTech Cement was earlier the second-highest bidder and had come up with an improved offer, backed by promoters of Binani Cements.
Earlier, A group of 29 operational creditors of Essar Steel have moved the National Company Law Tribunal (NCLT) demanding that the counter offer by Essar Steel promoters, the Ruias, be considered as they have offered to pay off all the financial as well as operational lenders.
The move may delay, if not altogether scrap, the takeover of Essar Steel by ArcelorMittal-Nippon combine.
The interlocutory application was made jointly by 28 operational creditors and another one separately by operational creditor Orissa Stevedores Ltd, which has admitted claims of about Rs 16 crore in outstanding from Essar Steel. The application also sought direction from NCLT to Essar Steel's Committee of Creditors to ensure full or equitable settlement of their dues, consider the resolution proposal submitted by promoter Essar Steel Asia Holdings and also direct the CoC to not take any further action for implementation of the takeover bid made by ArcelorMittal-Nippon consortium till the settlement proposal is considered.
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 "NCLAT approves UltraTech's bid for Binani Cement")
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